COVID-19: FIRS records N282.1bn shortfall in Jan target

The Federal Inland Revenue Service (FIRS) in January 2020 failed to achieve the Federal Government’s N620.2 billion revenue collection target set for it as its actual collections stood at N338.1bn, leaving a shortfall of N282.1bn.

The FIRS was given a tax collection target of N8.5 trillion in 2020 fiscal year.

The January revenue represents the aggregate collection by states’ coordinating units of the agency during the month in review.

Our correspondent reliably gathered that the Coronavirus pandemic may have adversely affected the agency’s efforts to collect more revenues with the low oil prices and businesses shutting down or reducing their operations due to the pandemic.

According to the official revenue collection data based on states’ coordinating units sourced by our correspondent, Adamawa, Gombe and Taraba had January target of N1,496,937,795.22 but collected N2,237,217,349.37 representing 149.45 percent collection.

Akwa Ibom, Bayelsa and Cross River had a monthly target of N2,175,116,159.19 but their actual collection in January was N2,010,374,940.81 representing 92.43 percent. Lagos Mainland East had January target of N50,272,057,644.57 but its actual collection of N39,177,218,569.19 amounted to 77.93 percent.

Jigawa, Kano and Katsina had collection target of N5,203,823,553.44. Their actual collection was N3,606,224,711.59 representing 77.93 percent. Ogun, Osun and Oyo had target of N6,268,435,732.91 while their actual collection during the period stood at N4,167,880,594.20 indicating 66.49 percent collection.

Also, Lagos Mainland West was given a January target of N4,988,901,182.24 but collected N3,033,847,030.11 representing 60.81. Abia, Ebonyi and Enugu had a target of N2,503,697,840.31 but they were able to collect N1,356,428,894.51 representing 54.18 percent.

Benue, Kaduna and Niger had tax collection target of N3,848,560,125.77, they made actual collection of N2,003,203,450.93 indicating 52.05 percent. Delta, Edo and Rivers collectively had January target of N17,790,368,169.50 but recorded actual collection of N9,251,413, 039.13 indicating 52 percent.

A further analysis of the targets set for the states’coordinating units showed that Lagos Island was given a target of N459,548,646,637.50 in January, but it collected the sum of N238,708,658,042.72 translating to 51.94 percent. Bauchi, Plateau, Borno and Yobe had a collection target of N2,793,435,123,22, but their actual collection was N1,446,670,932.56 indicating 51.79 percent.

The FCT, Nasarawa and Kogi had the target sum of N61,680,175,079.81, but collected a total of N30,248,678,333.46 representing 49.04 percent. Ekiti, Kwara and Ondo had tax collection target of N1,726,864,502.79, but ended up with actual collection of N757,471,765.95 representing 43.86 percent.

Sokoto, Kebbi and Zamfara were mandated to collect N1,457,022,041.29 tax, their actual collection was N532,837,594.78 indicating 36.57 percent while Anambra and Imo had target sum of N1,457,022,041.29, actual collection sum of N384, 986,673.78 reflecting 26.42 percent.